Healthcare data company raises $35 million

New York City-based Abacus Insights announced it has raised a $35 million Series B round led by new investor, Blue Venture Fund, and joined by returning investors CRV, .406 Ventures, Horizon Healthcare Services Inc., and Echo Health Ventures.

Founded in 2017, Abacus Insights operates in the space of healthcare data to enable health plans to reconcile unique attributes about individual consumers and their health that legacy systems simply cannot. Its data platform standardizes, curates and enriches healthcare data that is currently sitting idle, moving it out of restrictive silos, and securely into the cloud. “We allow health plans to fulfill a critical role in ensuring that when a member visits the doctor’s office, lab, pharmacy, specialist, hospital and even at home — the care provider always knows who they are, creating an “n-of-1” experience for all.”

“The COVID-19 pandemic has highlighted the critical importance of reliable health data in managing disease and patient care. Health plans play a leading role in this effort as the caretakers of the broadest spectrum of patient health data — across primary and specialty care, hospitals, pharmacy, labs and wellness programs. Today, however, the ability to view and responsibly make use of that data to improve healthcare is too often obscured by the silos in which the data resides. Abacus Insights’ cloud-based platform connects and unlocks that data and allows patients to receive more proactive, personalized care at a lower cost.” – Mike Spadafore, managing director of the Blue Venture Fund.

“This new funding validates our company’s mission, which is to help health plans liberate health data. Doing so allows consumers to make better health choices and physicians to make more informed treatment decisions.” – Dr. Minal Patel, founder and CEO of Abacus Insights.